Anti-Money Laundering

Why are AML measures essential?

Effective AML measures are essential for ensuring your legal and regulatory compliance, maintaining the integrity of financial systems, supporting economic stability, and protecting against the threats posed by organized crime and terrorism. 

As regulators do not shy away from fining organisations for not having proper AML governance, regular AML audits can uncover inefficiencies in your AML processes, leading to improved procedures and cost savings. But maybe even more important, it demonstrates your proactive approach to AML which enhances the confidence of investors, customers, and regulators in your organisation's governance.

Key aspect of internal control

As (international) AML legislation continuously evolves, a key aspect of internal control is evaluating your organisation's AML policies and procedures to ensure they are comprehensive, up-to-date, and aligned with regulatory requirements. Our AML specialists are happy to help you with this.

Regulatory Technology check

AML compliance has become an extensive task for organisations and is, therefore, strongly dependent on the use of Regulatory Technology (RegTech).

Key processes like client onboarding, identification and verification, transaction monitoring, sanction screening, and reporting suspicious activities all depend on RegTech tooling. The implementation (and use by staff) of these tools must stay aligned with the continuously evolving legislation and your organisation's risk management.

So, whether your organisation is using RegTech or not, Internal Audit should continue playing a key role:

• In verifying that robust CDD measures are in place, including customer identification, verification, and ongoing monitoring processes.
• Examining the effectiveness of transaction monitoring systems in detecting suspicious activities.
• And evaluating the mechanisms for reporting suspicious activities, ensuring they are efficient and comply with regulatory requirements.

Please reach out if you need independent assurance or advice on AML governance and related risks. We are happy to help.

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